Answered: 1-Abbas and Rahim want to start a…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter1: The Demand For And Supply Of Financial Accounting Information

Section: Chapter Questions

Problem 8C

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1-Abbas and Rahim want to start a Furniture shop at Saham. How can you help them by explaining different forms of business and its benefits and limitations? 2-Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: • Started business with cash • Goods purchase for cash • Goods purchased on credit • Any asset purchased and paid cash • Any asset purchase on credit • Sold goods for cash • Sold goods on credit • Paid any bill • Paid salary to staff • Cash withdraw from business for personal use Based on your own 10 transactions, prepare: 1. Accounting Equation 2. Journal 3. Ledger 4. Trail Balance 5. Financial statement

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Use only the books
mentioned from the
SHCT Library:
Question No 1
Abbas and Rahim want to start a Furniture shop at Saham. How can you help them by explaining
different forms of business and its benefits and limitations?
Question No 2
Assume that you are going to start a Business after graduation. Describe 10 transactions that the .
business might undertake by using your own idea with the following assumptions:
Principles of financial
accounting by M.
Reeve, James
Started business with cash
Goods purchase for cash
Goods purchased on credit
Any asset purchased and paid cash
Any asset purchase on credit
Sold goods for cash
Sold goods on credit
Paid any bill
Paid salary to staff
Cash withdraw from business for personal use
Financial Accounting:
Concepts, Analyses,
Methods and Uses by
Banerjee, B.K.
Based on your own 10 transactions, prepare:
1. Accounting Equation
2. Journal
3. Ledger
4. Trail Balance
5. Financial statement

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